Accountants – Could you be using technology better?

The pace of technological change in accounting is astounding. Technology has become an integral part of our daily professional lives.

However, despite significant investment in recent years, many firms still underutilise the technology that they possess.

Failing to take full advantage of the technology is like buying a car and not knowing how to use the satnav – you can still reach your destination, but you may get stuck in traffic or take a wrong turn and waste time or use more fuel.

Accountancy firms have a unique set of challenges that technology can help solve. From streamlining processes to increasing productivity and enhancing communication, technology can transform how accountancy firms operate.

Unfortunately, many firms are slow to integrate new technologies into every aspect of their work where it can help, which can hinder their growth and success.

So, how to handle technological change in accounting?

Here are a few tips to consider.

Identify the pain points

Before implementing new technology, it’s essential to identify the pain points within your firm.

Ask your staff where they think technology could improve their workflows, and what tasks they find most tedious or time-consuming.

Once you’ve identified the areas that could benefit from technology, and the standardisation and automation it can provide, you can start looking at your existing solutions to learn how you can make better use of them.

Invest in training

One of the biggest barriers to adopting new technology is the fear of the unknown. Many staff members may be resistant to change or unsure of how to use new software or tools.

That’s why investing in training is critical. Provide your staff with the necessary training to help them understand and use new technologies.

This will improve their confidence and increase their productivity and efficiency by allowing them to make full use of the power of technology.

Embrace cloud computing

Cloud computing is becoming increasingly popular within the accountancy industry and for a good reason.

It allows for easy collaboration and access to data from anywhere, at any time. With cloud-based software, you can share files, communicate with clients and staff, and access data in real time, improving the overall efficiency of your firm.

Automate repetitive tasks

Repetitive tasks can be time-consuming and prone to error. However, with the use of technology, many of these tasks can be automated, freeing up staff members to focus on more critical tasks.

For example, using automation tools to reconcile bank statements or process invoices can save your firm time and reduce the risk of human error.

However, even where automation is available, without the right training and guidance it may not always be used effectively.

Technology is a powerful tool that can transform the way accountancy firms operate – but it is often limited by how it is put to use.

By identifying pain points, investing in training, embracing cloud computing, automating repetitive tasks, and staying up to date with the latest technological change in accounting, firms can improve their use of technology and ultimately increase their success.

If you would like to learn how our training and client success packages can help your team make better use of the paperless, cloud-based working papers that we offer, please speak to us.